Petrofac Limited Completion of sale of interest in GSA development (1764K)
December 12 2018 - 2:00AM
UK Regulatory
TIDMPFC
RNS Number : 1764K
Petrofac Limited
12 December 2018
Press Release
12 December 2018
COMPLETION OF SALE OF INTEREST IN GREATER STELLA AREA
DEVELOPMENT
Further to its announcement on 24 August 2018, Petrofac Limited
("Petrofac") announces that it has completed the sale of Petrofac
GSA Holdings Limited (1) to Ithaca Energy (UK) Limited
("Ithaca").
The gross consideration on completion was US$146 million (2) .
Ithaca will pay a further US$120 million of non-contingent deferred
consideration in the period 2020-2023. A further US$25 million of
contingent consideration is payable depending on field
performance.
NOTES
1) Petrofac GSA Holdings Limited owned Petrofac's 20% interest
in the Greater Stella Area (GSA) development and its 24.8% interest
in the FPF1 floating production facility. Petrofac GSA Holdings
Limited also owned Petrofac's long-term receivable from the GSA
joint operation partners.
2) On completion, Petrofac received US$146 million of gross
consideration, including a net working capital adjustment and a
US$3 million contingent payment relating to FPF1 uptime. Net
consideration was US$106 million, comprising gross consideration
less free cash flow generated since the transaction effective date
of 1 January 2018.
ENDS
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
jonathan.low@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
+44 (0) 207 811 4913
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the oil
and gas production and processing industry, with a diverse client
portfolio including many of the world's leading integrated,
independent and national oil and gas companies. Petrofac is quoted
on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and gas facilities; operates,
maintains and manages facilities and trains personnel; enhances
production; and, where it can leverage its service capability,
develops and co-invests in upstream and infrastructure projects.
Petrofac's range of services meets its clients' needs across the
full life cycle of oil and gas assets.
With around 12,750 employees, Petrofac operates out of seven
strategically located operational centres, in Aberdeen, Sharjah,
Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a
further 24 offices worldwide.
For additional information, please refer to the Petrofac website
at www.petrofac.com
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END
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